Filing Flows › lululemon athletica (LULU) › Q2 FY26
lululemon athletica (LULU) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 4, 2025
lululemon athletica (LULU) reported revenue of $2.5B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +7% from the quarter before. Operating margin was 20.7%, net earnings $371M (14.7% of revenue).
lululemon athletica, Q2 FY26: revenue $2.5B (+6% year over year), operating margin 20.7%, net earnings $371M, operating cash flow $329M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +7% | +7% |
| Gross profit | $1.5B | +7% | +5% |
| Operating profit | $524M | +19% | -3% |
| Net earnings | $371M | +18% | -6% |
| Operating cash flow | $329M | — | -26% |
| Free cash flow | $151M | — | -49% |
What changed
Revenue was $2.5B in Q2 FY26, up 7% year over year and up 7% from the previous quarter. Women's apparel was the largest line at 61% of revenue. Women's apparel added $0.07B year over year (up 5%), 46% of the total change.
Gross margin was 58.5%, down 1.1 points from a year earlier. Operating profit was $0.52B, a 20.7% margin (down 2.0 points year over year). Operating profit fell $0.02B even though revenue rose $0.15B versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 7%. Net earnings were $0.37B, down 6% year over year. The effective tax rate was 30.5%.
Operating cash flow was $0.33B (down 26% year over year), 89% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization. Working capital and other items used $0.16B. Capital expenditures of $0.18B left free cash flow of $0.15B.
Questions
What was lululemon athletica's revenue in the second quarter fiscal 2026?
lululemon athletica (LULU) reported revenue of $2.5B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +7% from the quarter before.
Was lululemon athletica profitable in the second quarter fiscal 2026?
Operating profit was $524M (20.7% of revenue) and net earnings $371M.